IRAs & ESAs

Roth & Traditional Individual Retirement Accounts (IRAs) & Coverdell Education Savings Accounts (ESAs) offer a convenient, tax-favored way to save for the future. And, your retirement accounts are insured separately from your other credit union accounts by the NCUA, for up to an additional $250,000. Consult a tax advisor to determine what option is best for you.

With a Traditional IRA:

Contribute pre-tax funds so they are not included in your taxable earnings for the year.
Earnings grow tax-deferred until withdrawn.
Anyone under the age of 70 ½ who has income from compensation (or is filing jointly with a spouse who earns compensation) can contribute.
Withdraw funds penalty-free for specific instances, such as to pay qualified higher education expenses, first time home purchase, disability, and more. Click here to learn more.

Traditional IRA Share Certificate

Terms from 6 months to 5 years
Will automatically renew at maturity unless otherwise requested. If you choose not to renew, the money must roll over into another Traditional IRA or you may face a tax penalty.
Contribute up to $6,000 a year or $7,000 a year if age 50 or over.
Dividends paid and compounded monthly
Early withdrawal penalty applies unless you are 59 1/2 or older
Must begin making withdrawals by age 70 ½

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Traditional IRA Share Savings

A personal savings plan that may provide tax incentives to set money aside for retirement.

Open with as little as $5.00
Make withdrawals and deposits without penalty
Dividends paid and compounded monthly

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Forms

With a Roth IRA:

Contributions are made with funds that have already been taxed. If you satisfy the requirements, qualified distributions are tax-free.
Roth IRA contributions may also be limited based on your filing status and income. Click here to learn more.
Leave funds in your Roth IRA as long as you wish.
Consult a tax professional for additional information.

Roth IRA Share Certificate

Terms from 6 months to 5 years
Will automatically renew at maturity unless otherwise requested. If you choose not to renew the certificate, the money must roll over into another Roth IRA account or you may face a tax penalty.
Contribute up to $6,000 a year or $7,000 a year if age 50 or over.
Dividends paid and compounded monthly
Early withdrawal penalty applies unless you are 59 1/2 or over
Unlike a Traditional IRA, a Roth IRA doesn’t require you to begin withdrawing money by a certain age
Consult a tax professional for additional information.

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Roth IRA Share Savings

A personal savings plan that may provide tax incentives to set money aside for retirement.

Open with as little as $5.00
Make withdrawals and deposits without penalty
Interest paid and compounded monthly
Consult a tax professional for additional information.

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Forms

With a Coverdell Education Savings Account (ESA):

Contribute pre-tax funds toward future educational expenses until the beneficiary’s 18^th birthday, including higher education, qualified elementary, and secondary education expenses.
Make tax-free withdrawals to pay qualified education expenses (consult a tax advisor for details).
Consult a tax professional for additional information.

Coverdell ESA Share Certificate

Terms from 6 months to 5 years
Open with as little as $500
Will automatically renew at maturity unless otherwise requested. If you choose not to renew the certificate, the money must roll over into another Coverdell ESA or you may face a tax penalty.
Contribute up to $2,000 a year until age 18
Dividends paid and compounded monthly
Consult a tax professional for additional information.

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Coverdell ESA

A personal savings plan to set aside funds for your child’s future education expenses.

Open with as little as $5.00
Make withdrawals and deposits without penalty for qualified expenses
Dividends paid and compounded monthly
Consult a tax professional for additional information.

View Rates REQUEST ONLINE